Cathie Wood's Ark Invest Says AI Software Could Be 11x Bigger Than Nvidia: 2 Growth Stocks to Buy Now and Hold Long Term
Chipmaker Nvidia (NASDAQ: NVDA) is often seen the quintessential artificial intelligence (AI) company because it dominates the market for machine learning processors. Shareholders have benefited from that perception. The stock has gained 250% in the past year and Nvidia is now worth $1.2 trillion.
However, Ark Invest believes AI software revenue could hit $14 trillion by 2030, meaning it would eclipse Nvidia's current valuation 11 times over. CEO Cathie Wood elaborated during a recent CNBC interview, "For every $1 in hardware that companies spend on artificial intelligence, they will probably pull $20 through in software."
Accordingly, Ark has stacked its portfolio with AI software stocks, including The Trade Desk (NASDAQ: TTD) and UiPath (NYSE: PATH). Read on to learn why these stocks are worth buying.
Source Fool.com